119Duties and liabilities of persons involved in management

#### 119 Duties and liabilities of persons involved in management 119 Duties and liabilities of persons involved in management > > (1) An officer must act honestly in the exercise of powers, and discharge of functions, as an officer of STC. > > > > Maximum penalty— > > > > > (a) if the contravention is committed with intent to deceive or defraud STC, creditors of STC or creditors of another person or for another fraudulent purpose—500 penalty units or imprisonment for 5 years, or > > > > > (b) in any other case—100 penalty units. > > > (2) In the exercise of powers and the discharge of functions, an officer must exercise the degree of care and diligence that a reasonable person in a like position would exercise in the same circumstances. > > > > Maximum penalty—100 penalty units. > > > (3) An officer, or a person who has been an officer, must not make improper use of information acquired because of his or her position as an officer— > > > > > (a) to gain, directly or indirectly, an advantage for himself or herself or for another person, or > > > > > (b) to cause detriment to STC. > > > > Maximum penalty—500 penalty units or imprisonment for 5 years. > > > (4) An officer must not make improper use of his or her position as an officer— > > > > > (a) to gain, directly or indirectly, an advantage for himself or herself or for another person, or > > > > > (b) to cause detriment to STC. > > > > Maximum penalty—500 penalty units or imprisonment for 5 years. > > > (5) In this section— > > > > officer means the chief executive officer of STC, a member of the STC Board or another person who is concerned, or takes part, in STC’s management. > > > (6), (7) (Repealed) > > **s 119:** Am 1999 No 5, Sch 4 \[10\]; 2004 No 10, Sch 1 \[23\] \[24\]; 2005 No 91, Sch 2.2 \[8\] \[9\] \[12\] \[14\]–\[16\].